10/31/2008 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: October 31, 2008 Soybeans Local Elevators: (Oct) EAST AR:  843 to 857 (NC) Summ. 859 to - - - River Elevators: (Oct) MISS: 820 to 879 ; AR & White 837 to 852 (NC) Summ. 883 to 933 Ark. Processor Bids: (Oct) 852 to 857  (NC) 913 to 915 Memphis:  (Oct) 875 1/4 to 878 (NC)  n/a to - - - Riceland Foods:  (Oct) Stuttgart 857 ; Pendleton 857 ; West Memphis 878 Chicago Futures: Nov down 8 3/4 at  925 1/4   Jan '09  down  10  at  933   Mar '09 down 9 3/4  at  945 1/4   May '09 down 9  at  956 3/4   Nov '09 down 5  at  967   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended the session lower, with a stronger dollar weighing on the market. The mid-week move tested resistance around $9.50 and then moved lower as the market couldn’t maintain upward momentum. Recent trading suggests the market wants to move higher. However, the uncertainty with regard to crude oil and the dollar is keeping a cap on gains. January needs to close above $9.50 and then $10 to confirm a low. Corn closed lower and like soybeans failed to move higher after testing key resistance at mid-week. A slow harvest was offset by yesterday’s negative export report. December must clear $4.20 and then $4.55 to confirm a change in direction. Wheat Cash bid for October at Memphis  474 to 484; Bids to farmers at Local Elevators 334-459; River Elevators 459-484; Chicago Futures: Dec down  1 3/4  at  536 1/4    Mar '09 down 2  at  556 3/4    May '09 down  1 3/4  at  570 1/2    Jul '09 down  1 3/4  at  584    Sep '09 down  1 1/4  at  602 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  422 to 467; Bids to farmers at River Elevators 388-459; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   341 1/2 to 356 1/2;   new crop at Memphis   385 1/4 to - - -; Bids to farmers at River Elevators  332 to 356 Chicago Futures: Dec down  8  at  401 1/2    Mar '09 down  8 1/4  at  419 1/4    May '09 down  8 3/4  at  430 3/4    Dec '09 down  9  at  460 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat ended a bit higher. Wheat is dealing with negative fundamentals, and today's relatively disappointing export report didn't help. This market is having difficulty moving higher without carryover support from corn and soybeans. Cotton & Rice  Date: October 31, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 80 at  4079   Greenwood down  80 at 4079 New York Futures: Dec down  40  at  4469    Mar '09 down  33  at  4885    May '09 down  19  at  5065    Jul '09 down  68  at  5191    Dec '09 down  39  at  5639  This week's LDP rate for cotton is  11.88 cents   The estimate for next week is  13.54 cents Cotton Comment Cotton fell to new contract lows again today and may test long term resistance near 42 cents. There is little left to be said as overall world economic conditions are weighing on the market. At the present time it is safe to say that acreage will be down again in 2009. Producers need to be looking at capturing the LDP. With new adjustments that were implemented effective today, the LDP for this week is $11.88 cents. The first day’s price for the next week’s LDP is an estimated 13.54 cents. Rice Long Grain Cash Bid for  Oct/Nov 1280/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Nov down  24 1/2  at  1504 1/2    Jan '09 down  28  at  1528    Mar '09 down  28  at  1559 1/2    May '09 down  28  at  1589    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment RICE lost early week momentum and closed lower again today. Upside potential appears limited with the weakness and declining price levels that are being seen in the international market. Vietnam at 5% is now quoted around $4.25 per tonne, while Thailand’s quotes are near $600. The U.S. is around $700 and interest appears to be minimal. New sales are needed to limit mill down time going into the end of the year. January futures have support at the recent low of $14.40. Cattle & Hogs  Date: October 31, 2008 Cattle As reported by Federal-State Market News, receipts were 12,470 head at sales in Arkansas this week.  Compared with last week, feeder steers sold $1-6 lower. . Steers:  Medium & Large Frame 1   400 to 450 lbs. 107 to - - -   500 to 550 lbs. 93.50 to - - -   600 to 650 lbs. 86 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 86 to - - -  Medium & Large Frame 2   400 to 450 lbs. 77.50 to - - - Slaughter Cows, Boners 40   to   47 Light Weight 28 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   60.50, high dressing $64.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   remained   at   92.50   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 95 to 107   600 to 650 lbs. 87.50 to 105 Heifers 500 to 550 lbs. 82 to 111   600 to 650 lbs. 80 to 100.50 Chicago Futures: Live Cattle: Dec up 125 at 9270   Feb '09 up 100 at 9425 Feeders: Nov up 77 at 9862   Jan '09 up 80 at 9805 Cattle Comment Cattle futures continued to recover after being hit hard by economic worries in recent weeks. Exports remain a key to this market, so we aren't out of the woods. The market continues to be concerned that global economic worries will cut demand worldwide. Hogs Peoria: were $1     lower   at   35   to   35.5 Chicago Futures: Dec down 120 at 5480   Feb '09 down 45 at 6297 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures continue to be under pressure despite the fact that nearby December is trading at a discount to cash prices. Cutout values dropped significantly this week, weighing on futures. Supplies remain more than ample, further limiting the upside. Poultry  Date: October 31, 2008 Eggs New York:  Ex. Lg. 124-128; Lg. 122-126; Med. 107-111; Chicago:  Ex. Lg. 113-121; Lg. 111-119; Med. 99-107; Eastern Region Turkeys Hens: 8-16 lbs. 90-98 Toms: 16-24 lbs. 90-95   Delmarva Broilers U.S. Grade A Trade sentiment was barely steady to weak. Demand entering the weekend was light and unaggressive with trading limited to regular commitments. Supplies were more than sufficient to satisfy current trade needs. In production areas, live supplies were moderate at mostly desirable weights. ---------------------------------------- HOW TO UNSUBSCRIBE You are receiving this newsletter because you requested that your e-mail address be added to the Arkansas Farm Bureau Market Report. To unsubscribe or change your subscription information, go to http://www.arfb.com/commodity_marketing/email/ ---------------------------------------- QUESTIONS OR COMMENTS? If you have any comments or questions about this e-newsletter please e-mail us at mktrpt@arfb.com Arkansas Farm Bureau 10720 Kanis Road Little Rock, AR 72211 501-224-4400 Copyright 2008 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use

Bi-Weekly Market Briefings for 10/31/2008

Click here to view this report online.

ARKANSAS FARM BUREAU ELECTRONIC NEWSLETTER Bi-Weekly Market Briefings for 10/31/2008 http://www.arfb.com The turning point for soybeans could be close. With all the turmoil in the financial markets and the continuing selloff of crude oil, it is difficult to make any type of rational statement regarding market direction. However, USDA’s revision of October production numbers was positive for the market. Just three weeks after adding 2.2 million acres to the soybean crop, they have taken exactly half of that back, reducing plantings to 75.9 million acres and harvest to 74.4 million acres. Production was reduced 45 million bushels, and exports were pared 30 million bushels despite a current-year sales pace that is more than nine percent ahead of last year. The current export projection is now 140 million bushels below 2007-08. This could be the point where fundamentals once again becoming the driving force in the market. Index funds still hold long positions, which will need to be liquidated if crude oil continues lower. A January Futures close above $9.45 would be the first sign of a probable turn in the market. A close above $10.06 would signal additional upside potential. Support is the recent low of $8.38. Like soybeans, corn plantings and projected harvest went through a late-month revision, with USDA lowering the crop by one million acres. Projected production declined 167 million bushels in this revised report, which also featured 50-million-bushel reductions in both exports and feed use. The overall net: projected ending stocks of 1.09 billion bushels, a 66-million-bushel reduction from the Oct. 10 report. Overnight gains of 24 cents were quickly pared in the regular-day session. December filled last week’s gap, but it needs to close above $4.20 to suggest the market low has been made. A close above $4.67 is needed for confirmation. Current support is this week’s low of $3.68 3/4. Improving basis levels and strong buying by commercial interests are a positive for both soybeans and corn. Wheat continues to decline. Despite futures dropping to $5.25, the United States is finding it difficult to compete in the world market. A rapid rise in the U.S. dollar and a substantial increase in global supplies are keeping pressure on the market. The next long term chart support points are $5.05 and $4.50. A shaky world economy and declining export needs don’t bode well for cotton, whose outlook remains bleak. Stock markets and crude oil remain under heavy pressure, so every upturn is short lived. In hard economic times, cotton tends to suffer more than food crops, as spending on clothing is one of the first things people clamp down on. Currently, the December low of 45.35 cents is testing support at the ’06 low of 45 cents. The next support is the ’03 lows of 42 and 42.5 cents. December needs to close above 54.77 cents, the high of just two weeks ago, to suggest a market low. The rice market continues to be hit by world economic turmoil. International offerings have quickly moved lower, with recent quotes from Vietnam coming in at around $425 per tonne. Thailand, with little demand coming their way, lowered their intervention purchase price by 15 percent, and their milled rice quotes are now below $600. Recent U.S. quotes around $700 are drawing little interest and suggest mills may have a lot of open time in the near future. Rough rice shipments to Central America and Mexico are continuing. Support for January futures is the recent low of $14.40, and the market will have stiff resistance at old support, just under $16.50. The size of the U.S. dairy herd likely crested in the summer quarter. An adjustment process has been set in motion, and the number of cows is expected to decline each quarter in 2009. Lower-than-expected prices for dairy products are already affecting 2008 milk prices and will continue to do so in 2009. The November Class I price will be $17.33, according to the USDA’s announcement of advanced prices and pricing factors. That price is $1.80 more than the October Class I price of $15.53. However, it is $4.12 less than a year ago when the Class I price was $21.45. Cattle futures continue to trend lower. The supply of fed cattle is relatively tight, and that is supporting cash prices. Product values continue to slide lower, however, as economic concerns are apparently hurting demand for beef. Export demand is also at risk thanks to global economic concerns and the rapid improvement of the U.S. dollar. Live cattle futures are now trading at a discount to cash, so that could limit the downside. Hogs are trending lower as well, but December has apparently found support for now, on the recent low of $55.90. The next resistance is the small chart gap between $60 and $60.20. Futures have been supported by the fact they are trading at a discount to cash prices. That gap is narrowing quickly, however, so the upside beyond $60 will be limited. The supply of market-ready hogs has tightened slightly, but plants are still being operated near capacity. Contact: • Gene Martin (501) 228-1330, gene.martin@arfb.com . • Brandy Carroll (501) 228-1268, brandy.carroll@arfb.com . • Bruce Tencleve (501) 228-1856, bruce.tencleve@arfb.com . • Matt King (501) 228-1297, matt.king@arfb.com . -------------------------------------------------------------------------- We promised you your own bank, and here it is - www.farmbureaubank.com Created by members who understand your financial needs like no other bank can. Backed by the strength, stability and leadership of Farm Bureau. Go ahead. See what better banking is all about. Call 1-800-492-FARM Personal Bankers are available Monday - Friday, 7am to 7pm CST -------------------------------------------------------------------------- QUESTIONS OR COMMENTS? If you have any comments or questions about this e-newsletter please e-mail us at: mktrpt@arfb.com -------------------------------------------------------------------------- ---------------------------------------- HOW TO UNSUBSCRIBE You are receiving this newsletter because you requested that your e-mail address be added to the Arkansas Farm Bureau Market Report. To unsubscribe or change your subscription information, go to http://www.arfb.com/commodity_marketing/email/ ---------------------------------------- QUESTIONS OR COMMENTS? If you have any comments or questions about this e-newsletter please e-mail us at mktrpt@arfb.com Arkansas Farm Bureau 10720 Kanis Road Little Rock, AR 72211 501-224-4400 Copyright 2008 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use

FWD: Morning Manna (Oct. 31); BP: Jer. 52; RBTTY: Titus 1; Jer. 22-23

 
Samuel D. High
sdhigh@aristotle.net

 

---

-----Original Message-----
From: Apostle Tom <pressingon@hotmail.com>
Sent: Thu, 30 Oct 2008 15:57:36 -0500
To: <pressingon@hotmail.com>
Subject: Morning Manna (Oct. 31); BP: Jer. 52; RBTTY: Titus 1; Jer. 22-23
 

October 31                                                                                                                                                                           “Favor In Unfavorable Circumstances”

 

“And it came to pass in the 37^th year of Jehoiachin, king of Judah, in the 12^th month, in the 25^th day of the month, that Evilmerodach, king of Babylon, in the first year of his reign, lifted up the head of Jehoiachin, king of Judah, and brought him forth out of prison.  And spoke kindly unto him and set his throne above the throne of the kings that were with him in Babylon and changed his prison garments and he did continually eat bread before him all the days of his life.  And, for his diet there was a continual diet given him of the king of Babylon, every day a portion until the day of his death, all the days of his life.”

                                                                                                                                                                                                                                   Jeremiah 52:31-34

     Even in oppressive situations, “when our ways please the Lord, we’re able to be at  peace with our enemies” (Prov. 16:7).

     Sometimes our God-sent aid comes in the most unusual ways.  Although Moses’ sister may or may not have known where Pharaoh’s daughter would bathe that day (Ex. 2:3-5), it was no accident that this Egyptian princess “had compassion on the small, Hebrew baby” (v.6) and ended up taking him home to raise (vv.7-10).  And, it was no accident that Pharaoh himself paid Moses’ mother wages to take care of him until he was old enough to live in his palace (vv.9-10).  God is faithful!

 

     Likewise, it was no accident that Joseph—who was sorely mistreated by his brothers and sold into slavery by them (Gen. 37:1-36)—still prospered while serving in Potiphar’s house (39:1-4) and later on in prison with the keeper of the prison (vv.20-23).  In both cases the key phrase was “And the Lord was with Joseph and made all under his hand to prosper” (vv.3, 23).  We should also note it was because of the “Lord’s mercy that he found favor in his master’s sight” (v.21).  Simply put, the favorable treatment Joseph received was because of God’s faithfulness to Joseph and Joseph’s faithfulness to Him.

 

     Thus, it’s evident that God moved in the heart of Evilmerodach, the king of Babylon and servant of their pagan god, Marduk or Bel.  We know nothing about this king apart from today’s Manna; however, it’s clear something prompted him to “bring Jehoiachin out of prison, speak kindly unto him, give him a place of prominence in his palace, clean clothes and allow him to eat regularly in his presence.”

 

     Why did he do this?

     We can only speculate.  Was it because Jehoiachin was such a model prisoner or demonstrated Joseph-like faithfulness?  That’s possible; however, this would have required a change-in-heart while in prison, for the king of Judah was just as evil as his father, Jehoiakim, prior to his being taken into Babylonian exile (II Chron. 36:8-9; Ez. 1:2; II Kings 24:6-15).

    

     Regardless, one thing is clear:  Jehoiachin’s favorable treatment was because of God’s favor.  It also shows how God can “prepare a table before us in the presence of our enemies” (Ps. 23:5a)—which reveals how our peaceful communion with God in the midst of adversity will be even be noticed by those who oppose us.  May the Holy Spirit help us to also be found faithful today and find “favor in unfavorable situations” simply because of His love toward us, which we then show to others (Mt. 5:44).

10/30/2008 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: October 30, 2008 Soybeans Local Elevators: (Oct) EAST AR:  853 to 873 (NC) Summ. 869 to - - - River Elevators: (Oct) MISS: 829 to 894 ; AR & White 846 to 863 (NC) Summ. 893 to 943 Ark. Processor Bids: (Oct) 864 to 873  (NC) 923 to 925 Memphis:  (Oct) 888 to 889 (NC)  n/a to - - - Riceland Foods:  (Oct) Stuttgart 866 ; Pendleton 866 ; West Memphis 887 Chicago Futures: Nov down 3 1/4 at  934   Jan '09  down  4  at  943   Mar '09 down 4 1/4  at  955   May '09 down 3 3/4  at  965 3/4   Nov '09 down 1 1/2  at  972   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans reversed from yesterday and traded to the negative side most of today. January futures need to close above key resistance around $9.50 to keep this upturn under way. This week's lower production number was partially offset by a lower export projection. That could be a problem, but for now sales are almost 10% above year ago levels. Corn closed lower giving back a part of yesterday's big move. December needs to close above $4.21 and then move above $4.60 to confirm a bottom. Wheat Cash bid for October at Memphis  323 to 388; Bids to farmers at Local Elevators 336-461; River Elevators 461-486; Chicago Futures: Dec down  23 1/4  at  538    Mar '09 down 22 1/2  at  558 3/4    May '09 down  22 3/4  at  572 1/4    Jul '09 down  22 1/2  at  585 3/4    Sep '09 down  22 1/4  at  603 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  437 to 481; Bids to farmers at River Elevators 402-473; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   349 1/2 to 364 1/2;   new crop at Memphis   394 1/2 to - - -; Bids to farmers at River Elevators  340 to 364 Chicago Futures: Dec down  11 1/4  at  409 1/2    Mar '09 down  10 3/4  at  427 1/2    May '09 down  10 1/2  at  439 1/2    Dec '09 down  10 3/4  at  469 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted double digit losses. Wheat is dealing with negative fundamentals, and today's relatively disappointing export report didn't help. This market is having difficulty moving higher without carryover support from corn and soybeans. The Australian crop is now estimated to be 20 million metric tons, down from earlier estimates but significantly higher than the past two years. Cotton & Rice  Date: October 30, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 179 at  4159   Greenwood down  179 at 4159 New York Futures: Dec down  147  at  4541    Mar '09 down  132  at  4956    May '09 down  124  at  5120    Jul '09 down  141  at  5281    Dec '09 down  165  at  5690  This week's LDP rate for cotton is  7.38 cents   The estimate for next week is  10.32 cents Cotton Comment Cotton did it again, falling to new lows as all markets remained under pressure. Cotton is tied more directly to economic fortune or misfortunes, as it is, and the fact clothing purchases can be delayed. Exports now account for about ¾ of U.S. cotton sales and movement will need to be stronger to move the market higher. For now producers should use the loan, or take an LDP which is projected above 10 cents for the upcoming week. Rice Long Grain Cash Bid for  Oct/Nov 1280/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Nov down  9  at  1529    Jan '09 down  7 1/2  at  1556    Mar '09 down  7  at  1587 1/2    May '09 down  7  at  1617    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice turned lower today. January futures will need to close above $15.75 and then $16.50 to suggest a change in trend direction. U.S. price levels remain at a premium to the Asian offerings. Price levels in both Vietnam and Thailand continue to move lower. Vietnam quotes are around $425 per metric tonne and Thailand is near $600 per tonne. U.S. values are adding pressure to the market as few inquiries are being fielded and mills will have a lot of open time by year’s end. The next major long term chart support is 62% retracement value of $13.12. Cattle & Hogs  Date: October 30, 2008 Cattle As reported by Federal-State Market News, receipts were 2,332 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold weak to $5 lower except some better quality steers over 500 lbs sold $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109.75 to - - -   500 to 550 lbs. 102.75 to - - -   600 to 650 lbs. 95.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 94 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 85.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 79.50 to - - - Slaughter Cows, Boners 42   to   48 Light Weight 37 to 39 Bulls, Yield Grade   1   1000   to   2100 lbs.   53.50   to   60, high dressing 62.50-67.50 Midwest Steers   remained   at   91   to   92 Panhandle Steers   were $.50 higher   at   92.50   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 110 to 122.50   600 to 650 lbs. 93.50 to 105 Heifers 500 to 550 lbs. 89 to 93   550 to 600 lbs. 83.50 to 92 Chicago Futures: Live Cattle: Dec up 45 at 9145   Feb up 72 at 9325 Feeders: Nov up 135 at 9785   Jan up 135 at 9725 Cattle Comment Hog futures were under pressure today despite the fact that nearby December is trading at a discount to cash prices. Cutout values dropped over $2.50 yesterday, weighing on futures. Supplies remain more than ample, further limiting the upside. Hogs Peoria: were     steady   at   36   to   36.5 Chicago Futures: Dec down 157 at 5600   Feb down 90 at 6342 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Cattle futures recovered a bit after being hit hard by economic worries in recent weeks. Exports remain a key to this market, so we aren't out of the woods. The market continues to be concerned that global economic worries will cut demand worldwide. Poultry  Date: October 30, 2008 Eggs New York:  Ex. Lg. 124-128; Lg. 122-126; Med. 107-111; Chicago:  Ex. Lg. 113-121; Lg. 111-119; Med. 99-107; Eastern Region Turkeys Hens: 8-16 lbs. 90-98 Toms: 16-24 lbs. 90-98   Delmarva Broilers U.S. Grade A Trade sentiment was about steady to barely steady. Demand was light to fair with limited trading approaching first of the month. Supplies were adequate to fully adequate to satisfy current trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights. ---------------------------------------- HOW TO UNSUBSCRIBE You are receiving this newsletter because you requested that your e-mail address be added to the Arkansas Farm Bureau Market Report. To unsubscribe or change your subscription information, go to http://www.arfb.com/commodity_marketing/email/ ---------------------------------------- QUESTIONS OR COMMENTS? If you have any comments or questions about this e-newsletter please e-mail us at mktrpt@arfb.com Arkansas Farm Bureau 10720 Kanis Road Little Rock, AR 72211 501-224-4400 Copyright 2008 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use

FWD: Morning Manna (Oct. 30); BP: Jer. 51; RBTTY: II Tim. 4; Jer. 20-21

 
Samuel D. High
sdhigh@aristotle.net

 

---

-----Original Message-----
From: Apostle Tom <pressingon@hotmail.com>
Sent: Wed, 29 Oct 2008 16:30:34 -0500
To: <pressingon@hotmail.com>
Subject: Morning Manna (Oct. 30); BP: Jer. 51; RBTTY: II Tim. 4; Jer. 20-21
 

October 30                                                                                                                                                                  &nb sp;                   “Brutish Knowledge?  Or Blessed?”

 

“Every man is brutish by his knowledge; every founder is confounded by the graven image—for his molten image is falsehood and there is no breath in them.  They are vanity—the works of error—in the time of their visitation they shall perish.”

                                                                                                                                                                  &nb sp;                                                                Jeremiah 51:17-18

     When it’s all said and done, it’ll not be what we know that matters; it’ll be Who we know.

     Knowledge.

     Our world is full of it these days—more so than anytime in the past.  A few years ago only the industrialized nations knew about computers, the internet, cell phones, G.P.S., etc.; now you can find them anywhere—even in underdeveloped nations that are struggling to meet the basic needs of her people.

 

     Yet, today’s Manna. . .written in a day-and-age of unscientific understanding. . . where understanding about nature, biological processes, thought and reason, etc., was as yet unknown. . .is still relevant even in our generation.  We, who are the “enlightened,” may scoff at tribal groups in remote locations who still worship the volcano or tree gods, but the fact remains that we, too, are still “brutish (Heb. ‘ba ‘ar’—‘to kindle, be consumed by, be carried away by, be eaten up with, etc.’) by our knowledge.”

 

     Think about it:

     Who is held in higher esteem in most societies—the one with the Ph.d or the farmer who works from sunup to sundown to provide food for us to eat?  Are we not more enthralled by the genius, who can spout astounding facts and figures like a rapid-fire machine gun than we can the quiet grandmother who shares her homespun wisdom with us?

 

     Yes, we are “intoxicated” by knowledge.

     But, today’s Manna reminds us that such knowledge—human knowledge—is limited at best.  And, unless it points us to the Source of all Truth, it is useless and will not pass the test of time.

 

     Likewise, we may not carve graven images out of trees and bow down to them, but we are still “confounded (Heb. ‘yabesh’—‘to be ashamed, confused, disappointed, to dry up, wither, etc.’) by our idols” whether it be technology, science, information, etc.  That’s why we’re more up on the latest trends or gossip than we are the Lord’s Gospel and more in tune with trivia pursuit than we are the pursuit of Ultimate Truth.

    

    God’s Word is clear when it says “The fear of the Lord is the beginning of wisdom and a good understanding have all they that do His commandments” (Ps. 111:10).  The same God Who gave the artificers of the Tabernacle the wisdom to carefully craft their gifts to God (Ex. 28:3; 31:3, 6; 35:26, 31; 36:1-2) is the same One Who gives us the “blessed knowledge” of His Wisdom (Eph. 1:7-23; James 1:5; 3:13-15).  May we recommit ourselves today to spend more time studying God’s Word than reading the latest best-seller—for fiction, novels, historical records, etc., are brutish at best and will not help us better know the heart of Jesus and His Will for our lives.

 

10/29/2008 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: October 29, 2008 Soybeans Local Elevators: (Oct) EAST AR:  847 to 876 (NC) Summ. 853 to - - - River Elevators: (Oct) MISS: 832 to 902 ; AR & White 854 to 869 (NC) Summ. 897 to 947 Ark. Processor Bids: (Oct) 873 to 876  (NC) 929 to 930 Memphis:  (Oct) 902 to 902 1/4 (NC)  n/a to - - - Riceland Foods:  (Oct) Stuttgart 876 ; Pendleton 876 ; West Memphis 897 Chicago Futures: Nov up 58 1/2 at  937 1/4   Jan '09  up  59  at  947   Mar '09 up 59 1/2  at  959 1/4   May '09 up 59 3/4  at  969 1/2   Nov '09 up 55 1/2  at  970 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans traded up the limit, before closing just off that level. A strong up move in crude oil and weakness in the dollar prompted the near limit gains. January closed just under key resistance around $9.50. Basis levels continue to improve in the Midwest as farmers remain tight holders and the harvest nears completion. Yesterday’s lower production number was partially offset by a lower export projection. That could be a problem, but for now sales are almost 10% above year ago levels. January needs to close above $9.90 to confirm a harvest low. Corn closed up the limit bolstered by yesterday’s reduced acreage, and production estimate. All grains benefited from the big gains in crude which kept the index funds on the positive side. December closed right on last week’s high and needs to move above $4.60 to confirm a bottom. Wheat Cash bid for October at Memphis  346 1/4 to 421 1/4; Bids to farmers at Local Elevators 358-473; River Elevators 473-508; Chicago Futures: Dec up  47 1/4  at  561 1/4    Mar '09 up 47 1/4  at  581 1/4    May '09 up  47 1/2  at  595    Jul '09 up  47 3/4  at  608 1/2    Sep '09 up  47 3/4  at  626    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  457 to 501; Bids to farmers at River Elevators n/a; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   370 3/4 to 385 3/4;   new crop at Memphis   404 1/2 to - - -; Bids to farmers at River Elevators  352 to 376 Chicago Futures: Dec up  30  at  420 3/4    Mar '09 up  30  at  438 1/4    May '09 up  30  at  450    Dec '09 up  29 1/4  at  480 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted big gains today following soybeans. December closed a chart gap, signaling that a bottom has been put in for now. The US hard red winter wheat crop is off to a good start, and wheat-producing nations across the globe continue to increase their production estimates for this year, however, and that will keep a lid on the upside. Cotton & Rice  Date: October 29, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 21 at  4338   Greenwood up  21 at 4338 New York Futures: Dec up  6  at  4673    Mar '09 up  9  at  5070    May '09 up  1  at  5225    Jul '09 down  4  at  5405    Dec '09 up  56  at  5870  This week's LDP rate for cotton is  7.38 cents   The estimate for next week is  10.27 cents Cotton Comment Cotton did it again, traded high earlier and then ended the session mostly lower. Cotton is running counter to the grains, where big gains in crude oil helped boost the market. Cotton is tied more directly to economic fortune or misfortunes, as it is, and the fact clothing purchases can be delayed. Exports now account for about ¾ of U.S. cotton sales and movement will need to be stronger to move the market higher. For now producers should use the loan, or take an LDP which is projected above 10 cents for the upcoming week. Rice Long Grain Cash Bid for  Oct/Nov 1280/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Nov up  50  at  1538    Jan '09 up  50  at  1563 1/2    Mar '09 up  50  at  1594 1/2    May '09 up  50  at  1624    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Limit gains provided a third consecutive day of higher rice futures. January futures will need to close above $15.75 and then $16.50 to suggest a change in trend direction. U.S. price levels remain at a premium to the Asian offerings. Price levels in both Vietnam and Thailand continue to move lower. Vietnam quotes are around $425 per metric tonne and Thailand is near $600 per tonne. U.S. values are adding pressure to the market as few inquiries are being fielded and mills will have a lot of open time by year’s end. The next major long term chart support is 62% retracement value of $13.12. Cattle & Hogs  Date: October 29, 2008 Cattle As reported by Federal-State Market News, receipts were 1,248 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold weak to $5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 102 to - - -   500 to 550 lbs. 90 to - - -   600 to 650 lbs. 85.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 85.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 86.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 75 to - - - Slaughter Cows, Boners 44   to   49 Light Weight 26 to 31 Bulls, Yield Grade   1   1000   to   2100 lbs.   58   to   63.50 Midwest Steers   were quoted   at   91   to   92 Panhandle Steers   were quoted   at   92, few 91   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 95 to 105   600 to 650 lbs. 96.50 to 105 Heifers 500 to 550 lbs. 87 to 93.50   600 to 650 lbs. 80 to 86.50 Chicago Futures: Live Cattle: Dec up 212 at 9100   Feb up 220 at 9252 Feeders: Nov up 107 at 9650   Jan up 180 at 9590 Cattle Comment Cattle futures turned lower on renewed strength in crude oil futures and a weaker dollar. December has downtrending resistance near $92. Hogs Peoria: were $.5     higher   at   36   to   36.5 Chicago Futures: Dec down 47 at 5757   Feb down 12 at 6432 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs didn’t react as positively to today’s economic action as cattle did. The next resistance for December is the small chart gap between $60 and $60.20, but the gap is narrowing quickly between cash and futures prices, so the upside beyond $60 will be limited. Poultry  Date: October 29, 2008 Eggs New York:  Ex. Lg. 124-128; Lg. 122-126; Med. 107-111; Chicago:  Ex. Lg. 113-121; Lg. 111-119; Med. 99-107; Eastern Region Turkeys Hens: 8-16 lbs. 90-98 Toms: 16-24 lbs. 90-95   Delmarva Broilers U.S. Grade A Trade sentiment was about steady. Demand was no better than fair with trading usually limited to regular commitments. Supplies were more than sufficient to satisfy current trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights. ---------------------------------------- HOW TO UNSUBSCRIBE You are receiving this newsletter because you requested that your e-mail address be added to the Arkansas Farm Bureau Market Report. To unsubscribe or change your subscription information, go to http://www.arfb.com/commodity_marketing/email/ ---------------------------------------- QUESTIONS OR COMMENTS? If you have any comments or questions about this e-newsletter please e-mail us at mktrpt@arfb.com Arkansas Farm Bureau 10720 Kanis Road Little Rock, AR 72211 501-224-4400 Copyright 2008 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use